H.B. 494 - Teacher Loan Repayment Program

• Establishes a loan repayment program administered jointly by the Ohio Department of Education and Chancellor of Higher Education for eligible teachers teaching grades 7-12 in science, technology, engineering, or mathematics.

• Eligible teachers must be Ohio residents with a bachelor's degree, valid educator license, outstanding student loans, and employed full-time at a qualifying school with persistently low performance ratings and difficulty retaining STEM teachers.

• Awards up to $40,000 per eligible teacher (or the total outstanding student loan amount, whichever is less) for teachers employed at qualifying schools for five consecutive school years; each teacher receives only one award.

• Program fund receives $25,000,000 from the General Revenue Fund on July 1, 2020; program stops accepting new applications five calendar years after enactment and ceases operation ten calendar years after enactment.

• Creates the Teacher Loan Repayment Fund in the state treasury with payments made directly to lenders on behalf of eligible teachers.